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◆ Supranationals and agencies prepare to achieve the previously unthinkable ◆ Leveraged loans versus private credit and their effect on CLOs ◆ A new dawn for dollar covered bonds and UK equity market structure
Bot claims funding is ‘cheaper than peers who borrow from independent banks or credit funds’
Ferrero International markets €300m deal
Margins widen as lenders weigh up AI disruption to portfolio companies
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CPI Property Group, a central and Eastern European specialist, raised €550m from a hybrid bond on Tuesday, but the debt slumped on Wednesday when a US hedge fund with which it has been fighting a legal battle filed a new $1bn lawsuit in New York. David Greenbaum, CPI’s CFO, told GlobalCapital the allegations were ridiculous and had been concocted in a deliberate attempt to disrupt the deal.
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Thames Water’s latest crop of holding company private placement debt issues contains language to protect investors from the effect of a Labour government — and particularly leader Jeremy Corbyn's vow to renationalise the water companies. Debt issued under the new documents features a ‘nationalisation event’ that would make it repayable immediately. Owen Sanderson and Silas Brown report.
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French telecoms company Iliad has launched a €300m Schuldschein, joining a parade of French firms raising debt through the market this year.
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Arrangers of Reliance Industries’ debut Schuldschein have sent investors a statement saying that demand “considerably exceeds the initial volume” target of €150m. The success of the transaction came as a surprise to some of the arrangers’ competitors, but is considered a good sign for the market.
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Northleaf Capital Partners has hired David Jeyes as a senior credit officer in London for global private credit.
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Greatwell Homes, the UK housing association headquartered in Northamptonshire, has raised £40m private placements (PP).